Three U.S lawmakers have raised concerns about theft, money laundering, and terrorist financing within crypto-exchanges Binance may face an ‘epic bank run,’ claimed John Reed Stark, a former SEC attorney Last week, three U.S lawmakers raised concerns that Binance, the world’s largest crypto-exchange, has reportedly facilitated theft, money laundering and terrorist financing. In response, Binance […]
At the time, an anonymous Binance.US spokesperson told Forbes that the company is confident in the strength of its operations. This, including compliance with anti-money laundering rules. Additionally, the company maintains 1:1 reserves and never trades or lends out customer funds, the spokesperson added.Apprehensions about Binance’s operations aren’t limited to regulators and media outlets alone, however.
Binance may face an “epic bank run,” according to John Reed Stark, a former U.S Securities and Exchange Commission attorney. Binance,to Stark, is a “shadow bank” that mints its own counterfeit currency while offering a variety of financial services with no U.S regulatory oversight or audit. Binance, Stark claimed, is not subject to the same regulations as traditional banks and does not hold deposits in the same manner. Customers would be cut off if withdrawals are suspended and they could become unsecured creditors, warned Stark.that Binance is unlikely to leave the United States.
“Binance would be forsaking its position as a leader in the crypto industry by leaving the U.S. and conceding an immense economic opportunity of reaching a capital-intensive American userbase.” Though many believe Binance to be too big to fail, there are enough crypto-sceptics who do not put their trust in Binance — especially after the FTX debacle.Subscribe to get it daily in your inbox.
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